Apple (NASDAQ: AAPL) reported strong results for the fiscal third quarter Tuesday, posting big beats on earnings per share and average iPhone selling price.
Earnings per Share came in at $2.34 vs. the $2.18, expected. Revenue was $53.3 billion vs. $52.34 billion expected. iPhone sales were 41.3 million vs. 41.79 million.
The quarterly report comes after a market rout for major tech stocks. Silicon Valley giants Facebook and Twitter each shed 20% after disappointing reports last week.
Shares of Apple rose 4% in extended trading, after the company fell right in line with analyst projections of strong upsides for the quarter that ended June 30. EPS grew by 40% year over year, and revenue grew by 17% year over year.
Many were hanging high hopes on Apple's flagship handset and its climbing average selling price (ASP). The 41.3 million iPhones shipped during the third quarter is basically flat from the year-ago period, but the ASP of $724 is a notable jump from the year-ago period. That ASP bump is likely be because of the pricey iPhone X, which starts at $999.
Apple also touted growth in its other products, marking over 60% growth in wearables, which includes the Apple Watch, AirPods and Beats headphones. The company's total "Other Products" category, which also includes the HomePod, saw a 37% year-over-year jump in revenue, totaling $3.74 billion. Analysts had forecast $3.67 billion in revenue for the segment during the third quarter.
Shares soared $8.01, or 4.2%, to $198.30
Tech Insider
